Backbase has launched Grand Central, which it describes as a groundbreaking Integration Platform-as-a-Service (iPaaS). The aim is to empower banks in expediting their modernisation and digital transformation endeavours.
Banks spend significant portions of their budgets and resources on creating, maintaining, and decommissioning point-to-point integrations across various technologies, products, and solutions within their tech stacks. Effective integration with core banking systems, CRM systems, and external fintechs traditionally requires a budget-intensive custom system integration work. This expenditure, which adds unnecessary complexities, slows down digital transformation projects and diverts resources from creating value for banking consumers.
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Backbase Grand Central: utilising BIAN based domain model, unified APIs
Grand Central is designed to revolutionise this landscape. It offers an industrialised iPaaS that delivers unified APIs to power banks’ channel applications and third-party developers.
Grand Central utilises a BIAN based domain model and unified banking APIs. Backbase says that it seamlessly connects any channel application to various downstream systems. This includes core banking platforms, customer relationship management systems, payment and fintech systems, and more.
Through the use of industrialised plug-and-play connectors, banks can rapidly accelerate their time-to-market. At the same time, they can significantly reduce the budgets typically associated with integrations. So banks will gain the ability to harmonise data across their diverse tech stack. Ultimately, this results in seamless digital customer experiences across web and mobile applications running on the Backbase Engagement Banking Platform.
Jouk Pleiter, CEO, Backbase, said: “Banks today are burdened with aging infrastructure and a very fragmented legacy IT landscape. This makes it difficult to keep pace with changing customer expectations. Our Integration Services team operates as an extension of a bank’s IT organisation. This simplifies and resolves integration challenges that have hindered many banks in executing their digital transformation strategy. With Grand Central our clients can leverage a BIAN-based, unified API infrastructure. This gives instant access to leading financial services technology providers. By combining these powerful capabilities in a unified developer experience, banks can focus on rapid innovation while future-proofing their enterprise integration architecture.”
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By GlobalDataBackbase launches $10m investment fund to accelerate connectivity
In line with Backbase’s commitment to revolutionise the banking industry, the company has also introduced a $10m investment fund. This fund is dedicated to accelerating the connectivity of region-specific products. The aim is to empower banks worldwide to streamline their operations, reduce costs, and provide exceptional customer experiences.
